The meeting was called to order by Jeff Moore at 4:02 p.m.

 

A motion was made by Adam Goldstein and seconded by Gregg Elder to adopt the agenda as written. The motion passed unanimously.

 

A motion was made by Kelly Shepherd and seconded by Gregg Elder to approve the minutes from the October 18, 2017 meeting as written. The motion passed. Adam Goldstein abstained as he was absent from the October meeting.

 

Darla provided financials from July, August, September and October 2017 and reviewed them with the group.

 

Darla provided the annual audit letter from Toyer, Dietrich and Associates. The letter included the same information provided in the annual audit report approved by the Trustees at the October 18, 2017 meeting. The Trustees expressed their gratitude to Darla for another clean audit.

 

Shelly reviewed the monthly Wellness Program report with the group.

 

The Trustees connected with Jayson via video conference to review the performance report for the Trust as of September 30, 2017. Jayson reviewed the third quarter update, and economic and bond market data, and said that the quarterly performance beat the benchmark. Distributions are consistent and meet monthly cash flow needs. Jayson talked with the Trustees about maturity dates for CDs. In relation to a potential change to the Trust, CDs that paid out in November were not reinvested at this time and the money from the CDs was moved to the money market fund.

 



 

In summary, Jayson said Becker is managing the portfolio conservatively and meeting the Trust’s financial expectations. He asked what the Trust’s next steps are as it moves toward the state benefit program. The Trustees discussed what to do if/when the state does take over school employee medical benefits in 2020, and if the Trust will continue in a different manner or be dissolved. The Trustees agreed that there are too many unknowns at this time. They thanked Jayson for his input and said this topic will be revisited next spring or summer when more information is known from the state.

 

The Trustees agreed that Becker should not purchase any additional CDs going forward. Those that are maturing should be held in cash or moved to the money market fund. Jayson will provide recommendations for revisions to the investment policy.

 

Melanie provided proposed revisions to Procedure 250P, Fund Balance and Solvency. She reviewed the information with the group and explained the reasons for the revisions. This procedure will be added to the December meeting agenda for approval.

 

Randi shared information on Open Enrollment. She said the final information session was held last night at the CRC, and there was a line out the door until after 8:00 p.m. She said there has been some migration to Kaiser Permanente and will provide exact numbers soon. The Trustees asked about the low cost plan. Randi thought the numbers would probably be small. She said that plan did get a lot of interest at first, but once employees understood about the high deductible, it was less appealing. She said overall the vendors were very responsive and helpful to employees. The Trustees thanked Randi for her hard work and asked that she thank Angie and Cris for their hard work on the Trustees’ behalf.

 

The Trustees reviewed agenda items for the December 13, 2017 meeting. Gregg and Adam noted they have conflicts with the December meeting and may not be able to attend.

 

The meeting was adjourned by Jeff Moore at 5:06 p.m.

 

Sincerely,

 

 

 

Susan Lindsey

Secretary

 

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